On 1st January 2021, the Finance Ministry said in a statement that GST Revenue collection for December 2020 rose to Rs. 1.15 lakh crore, the Highest ever since the implementation of the nationwide tax in July 2017.
The previous record monthly GST collection was nearly Rs. 1.14 Crore in April 2019. December 2020 gross revenue was Rs. 1,15,754 crore which is 12% higher than the same month of last year.
GST Revenue collection for December 2020
The gross GST Revenue collection for December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crores collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crores collected on import of goods). The total number of GSTR-3B Returns filed for the month of November up to 31st December 2020 is 87 lakhs.
The government has settled ₹ 23,276 crores to CGST and ₹ 17,681 crores to SGST from IGST as a regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of December 2020 is ₹ 44,641 crores for CGST and ₹ 45,485 crores for the SGST.
In line with the recent trend of recovery in the GST revenues, the GST revenue collection for December 2020 is 12% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 27% higher and the revenues from the domestic transactions (including import of services) are 8% higher than the revenues from these sources during the same month last year.
The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it has crossed ₹ 1.15 lakh crore. The highest GST collection till now was ₹ 1,13,866 crore in the month of April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of the financial year. The December 2020 revenues are significantly higher than last month’s revenues of ₹ 1,04.963 crore. This is the highest growth in monthly revenues for the last 21 months. This has been due to the combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.
Till now, GST revenues have crossed ₹ 1.1 lakh crore three times since the introduction of GST. This is the third month in a row in the current financial year after the economy has been showing signs of recovery post-pandemic that the GST revenues have been more than ₹ 1 lakh crore. The average growth in GST revenues during the last quarter has been 7.3% as compared to (-) 8.2% during the second quarter and (-) 41.0% during the first quarter of the financial year.
Chart of GST Revenue collection for December 2020
The chart below shows trends in monthly gross revenue during the current year. The table shows the state-wise figures of GST collected in each state during the month of December 2020 as compared to December 2019.
Join our Social Community
Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
Feedback/Suggestion- Hope you all find it useful, please give your valuable feedback & let us know if there is an error. Thanks in Advance
Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)